Five-Year Sale Meets With Lackluster Demand

NEW YORK—The U.S. attracted lackluster reception at its sale of five-year notes on Wednesday, as buyers demanded a yield above 1% for the first time in five months.

The $35 billion auction drew a 2.85 bid-to-cover ratio, reflecting weaker overall demand than the 3.02 average posted over the last four sales of the same maturity. The 1.04% yield is the highest offered since October and more than the government expected to pay relative...